Woulfe Mining (TSX: V.WOF, Stock Forum) late Friday reported that its Board and interim CEO have initiated an investigation into the company and its subsidiaries and have identified issues relating to liquidity and the ability of the company and its subsidiaries, including Sangdong Mining Corp., to meet various payables beyond the next few months.
The Board and interim CEO added that it has initiated an internal review to further preserve cash, reduce costs and enhance corporate efficiencies. As well, the company said it continues negotiations with various parties to provide a short-term financing solution to meet its obligations and to provide funds to advance its flagship Sangdong Tungsten Project, although there is no guarantee that such financing may be available.